LUNDIN IS HUNTING TZN!
COMPANY PROGRESS:
Two additional rigs (for a total of four) were mobilised
to site and commenced drilling in mid-March. This will
accelerate completion of the programme of in-fill and
re-drilling.
A REVISION OF THE GEOLOGICAL MODEL IS ALREADY WELL ADVANCED,
however finalisation of an Indicated resource
has been postponed until the current in-fill programme
is complete, particularly the re-drilling of all older holes.
EARLIER RE DRILL RESULTS SHOWED SIGNIFICANT UP-LIFT IN GRADE
because of poor core recoveries in ORGM holes.
PROGRAM:
>Drilling Q2 2008
>Finalisation Indicated Resource Q3 2008?
>Pre Feasibility Q4 2008
NPV VALUATIONS:
>Fosters NPV valuation April 2008 $4.10
>Comsec NPV Valuation February 2008 $5.52
>Comsec NPV Valuation Dec 2006 $4.92
NEWS:
APRIL 25 - CANADIAN firm Lundin Mining has taken a 4 per cent stake in Adelaide zinc and lead miner Terramin Australia, and could hold another 3.6 per cent.
At the firm's annual meeting in Adelaide yesterday, executive chairman Kevin Moriarty said Terramin had only recently discovered the $3.3 billion diversified base metals miner was the owner of the 4 per cent stake.
Another 3.6 per cent had been bought through the same nominee, and Dr Moriarty said that Terramin had been trying to find out who owned it without success, despite the Australian Securities and Investments Commission being involved.
Lundin had contacted Terramin late last year about touring Terramin's Tala Hamza zinc/lead project in Algeria, but Terramin declined.
Dr Moriarty scorned the idea of a potential takeover however, noting that institutional shareholders and company officers owned 61 per cent of the company.
Dr Moriarty said the company could deliver 10 to 20 times growth in shareholder value during the next four to five years, and it was very unlikely a takeover would result in the same outcome for shareholders
Cheers Fellow Holders.